Footwear specialist Birkenstock, arguably made internationally famous by the recent Barbie movie, has seen its shares flop on their US market debut. Birkenstock's Initial Public Offering saw shares open 11% down on the $46 a share offer price - middle of the range anticipated. The plunge ahead of trading marked a lukewarm reception for the German firm, whose roots can be traced back to 1774.
It will continue to have a holding of around 82%. The stake sale raised almost $1.5bn. Read more from Sky News:BA suspends Tel Aviv flights after Hamas said it attacked airportNext lines up £100m FatFace in latest high street takeover deal Recent IPO success stories include that of Arm, the UK-based chip designer, but market experts said it had been common recently for investors to wait until after a flotation to dip their toes, given the current market difficulties.